By Elsa Ohlen
Nvidia stock was stalling in premarket trading Wednesday with shares close to their record high from January.
Shares of the chip maker were broadly flat at $147.86 in the premarket, while S&P 500 and Nasdaq futures also traded largely flat.
Shares rose 2.6% on Tuesday, trading just 1% from its all-time high of $149.43 on Jan. 6, according to Dow Jones Market Data.
Micron Technology, the maker of high-bandwidth memory $(HBM)$ chips, is set to report quarterly earnings Wednesday after the bell. That matters for Nvidia since Micron is a key supplier of the HBM chips necessary for its artificial-intelligence accelerators. Micron is one of the few HBM chip manufacturers alongside South Korea's SK Hynix and Samsung Electronics.
A better-than-expected report would indicate high demand for Micron's products -- and a good sign for the entire AI semiconductor sector that could lift shares of peer chip makers such as Nvidia.
Nvidia and Micron stocks have tended to move together over the past 12 months. However, while Nvidia has gained 17% over that period, Micron has lost 9%.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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June 25, 2025 05:31 ET (09:31 GMT)
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